Indian Oil Corporation has transferred Rs 150 crore for a 9.6% stake in Haldia Petrochemicals on February 18. However, HPL is yet to issue shares to IOC and has not even called a board meeting to discuss the share transfer. This delay by HPL has irked the oil PSU, who has taken up the issue with the Bengal government. HPL has announced that shares will be issued in IOC's name as part of the corporate debt restructuring (CDR) package, at a board meeting to take place soon, but is unable to specify a timeframe for the issue.
This will be IOC's first step in the petrochemicals business - viewed as a step forward in the downstream integration process.. IOC will assist Haldia Petrochem in its expansion as well as diversification projects.